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Better FHA Loans Review


ConsumersAdvocate.org Rating: 4.4 / 5 (Excellent)
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Better is an online lender that specializes in mortgage products including FHA loans. Founded in 2014, the New York-based company offers customers a streamlined and completely online experience, with customized pre-approval letters available in as little as three minutes and no commission or lender fees.
 
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How is Better rated?

Breakdown

0.0/5
Geographic Availability
4.8/5
Customer Experience
4.5/5
Lender Reputation

Overall Rating: 4.4 / 5 (Excellent)

As an online lender, Better can offer a more streamlined approach to mortgage applications for borrowers looking to finance their homes. The company’s product line includes conventional and government-backed loans, such as FHA loans. Borrowers can complete a simple online form to receive a personalized quote and a pre-approval letter that helps them during the home buying journey.

FHA loans are available for any qualifying customers but are more sought out by first-time homebuyers, borrowers with less-than-stellar credit scores, and those with limited funds for a down payment.

The company does not work on commission, meaning that its mortgage professionals will work to find the most suitable loan for your situation, Further, the company has a transparent pricing structure with no hidden fees and no fees for mortgage origination.

Better Loan Specifics

Types of FHA Loans Offered

FHA Fixed-Rate 15-Year
FHA Fixed-Rate 25-Year
FHA Fixed-Rate 30 Year
FHA Fixed Rate 15 Year
FHA Fixed-Rate 30 Year
FHA Adjustable Rate Mortgage (ARM)
FHA Jumbo Fixed Rate
FHA Hybrid
FHA Bridge/Relocation Loan
FHA Home Improvement 203(k)
FHA Self Employed

Key FHA Loan Facts

Minimum FICO Score
620

Loan Specifics - 4.5 / 5

Although Better offers purchase and refinance mortgage products, FHA loans are only available for purchase and a 30-year term. FHA loans from Better can only be used for primary residences with one or two units, and can’t be used for secondary, investment, or rental properties.

To qualify for an FHA loan with Better, customers need a FICO score of at least 620 and have a debt-to-income (DTI) ratio lower than 50%. Borrowers must be prepared to make a down payment of at least 3.5%, and applications that include a non-occupying co-borrower or applicant require a 25% down payment.

Better Customer Experience

Customer Experience - 4.8 / 5

Better’s completely online application process is simple and quick. In about three minutes, customers can complete the brief online form and receive a pre-approval letter they can present to sellers. Using your name, address, and last four digits of your Social Security number, Better does a soft credit pull that does not affect your credit score. This is done to provide more individualized rates.

The website provides a variety of useful resources, including mortgage and amortization calculators, an extensive glossary of mortgage terms, and a vast selection of articles that explain everything that needs to be learned about FHA loans, its requirements, and for whom it best works.

If that weren’t enough, Better’s customer service is available 24/7 via phone or email.

Online Features

Online Application
Yes
FHA Mortgage Calculator
Yes
Online Quote
Yes
Social Security Number Required for Quote
Yes

Better Lender Reputation

Lender Reputation - 4.5 / 5

Better currently holds a B rating and is an accredited business with the BBB. On Trustpilot, it carries a 4.1 out of 5 rating (Great). It has six regulatory actions registered on the National Multistate Licensing System (NMLS), with four of them from the Pacific coast states.

The Consumer Financial Protection Bureau (CFPB) has had 232 registered complaints during the last three years. The main sources of complaints, according to the CFPB, were related to the application process, the closing process, and troubles during payment processing.

Key Reputational Facts

Year Founded
2014
BBB Rating
B
Trust Pilot Rating
4.1 out of 10
Date Collected
2022-02-08

Complaints & Actions

Nationwide Mortgage Licensing System ID
330511

Company Profile

Full Name
Better FHA Loans
Company Website
https://better.com/
Headquarters
3 World Trade Ctr Fl 59 175 Greenwich St, New York, NY, 10007

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